The Solana price recovered quite well after the October 10 crash, quickly making back $200 after falling as low as $150 on some crypto exchanges. Despite this, the altcoin is still not out of the woods, with bearish indicators appearing to be piling up around it. Unless something changes soon, the Solana price could be preparing for another big hit that could send it plummeting even lower than the legendary flash crash.
Friday’s crash was just a confirmation of a bearish pattern for Solana price
While the broader market thinks the October 10 crash is over, leaving the market in a more bullish state, one analyst dissents and believes this has actually led to a more positive situation. set Solana price on a more bearish path to even more declines.
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According to one analysis Shared on the TradingView website, crypto analyst Klejdi Cuni shows that Solana price actually confirmed a larger bearish pattern after the crash caused by Donald Trump’s 100% tariff comments on China. As a result, the entire bearish trend has yet to actually play out.
Not only is the Solana price already on track for more corrections, but it is also at even more risk as the Bitcoin price struggles to sustain itself. After initially recovering, Bitcoin’s price has since slowly fallen, and altcoins like Solana have also been affected.
With the Bitcoin price already struggling, the analyst believes that the The Solana price is already showing a decline to at least $170. However, should the whole bearish story play out, Solana price is at risk of falling 50% to $104.
SOL ETFs can change the story
Amid the expected bear pressure, it is still the subject of it current Solana ETF applications that could change the whole story. Data from The Block website shows In total, there are 11 Solana ETFs awaiting a decision from the Securities and Exchange Commission (SEC).
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If these Solana ETFs are approved for trading, it could trigger a large influx of institutional liquidity into the altcoin. Similar to the trend seen with the Bitcoin and Ethereum ETFs, this could lead to a surge in the Solana price, effectively eliminating the bears from the table.
At the time of writing, the Solana price was still above $200. However, with Bitcoin’s price hovering around $111,000, it’s possible the altcoin could experience a crash below $200 before finding its footing again.
Featured image created with Dall.E, chart from Tradingview.com